The Real Deal New York

Russell Simmons lists FiDi penthouse for $11M

A duplex penthouse in the Financial District owned by hip-hop magnate Russell Simmons has come on the market.

Simmons — famed for pioneering a hip-hop revolution in the 1980s, through his music label Def Jam and for signing artists such as Jay-Z and Ludacris —is asking $11 million for the five-bedroom, 4.5 bathroom spread. He had shared the penthouse, at 114 Liberty Street, with ex-wife Kimora Lee Simmons.

Deborah Grubman and David Dubin of the Corcoran Group are listing the 7,175-square-foot spread, which comes with an additional 3,500 square feet of terraces. The apartment features a large chef’s kitchen with a breakfast room, a library and a staff room, and has barrel-vaulted ceilings and oak strip floors. A 1 percent flip tax is to be paid by the buyer, according to the listing.

While public records do not show when Simmons first purchased the apartment, it is known that he transferred the property into his own name in 2007. The title for the unit was previously listed in both his and his then-wife Kimora’s names. He reportedly bought out her share of the apartment for $2.32 million.

This is not the first time the music titan has attempted to sell the apartment. Simmons and his ex-wife also put the condo on the market for $11 million in 2005.

Grubman told The Real Deal that the property offers a unique opportunity to buyers looking to buy in the Financial District before values in the neighborhood shoot up. With the construction of 1 World Trade Center nearing completion, the area is rebounding, she said.

“[Property values] are guaranteed to appreciate,” she said.

Simmons could not immediately be reached. Yesterday, he joined hip-hop icons Sean Combs, Missy Elliott and Wyclef Jean at the funeral of former music industry executive Chris Lighty, who committed suicide last month.